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ARTICLE · 13 JULY 2026

A View From The Scenic Route: The 2025 OTC Derivatives Report

Borden Ladner Gervais LLP
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The Ontario Securities Commission has released its 2025 Annual Report on Canadian OTC derivatives markets, revealing significant shifts in market composition and regulatory oversight. Interest rate derivatives continue to dominate with 88.2% of total gross notional outstanding, while new data quality standards and expanded clearing requirements signal a more sophisticated regulatory approach to derivatives monitoring and risk management.

CanadaFinance and Banking
Kimberly Poster
Kimberly Poster
Melissa Ghislanzoni-Foster
Melissa Ghislanzoni-Foster
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The Ontario Securities Commission (OSC) released the Canadian OTC Derivatives 2025 Annual Report in May (the Report). The OSC obtains its data from public sources and directly from trade repositories. The Report offers findings of interest regarding Canada’s OTC markets for investment managers and advisers. Interest rate derivatives remained the dominant asset class in Canada’s OTC market, accounting for 88.2 per cent of total gross notional outstanding (GNO) in Q4 2025, with growth driven by swaps and continued adoption of the Canadian Overnight Repo Rate Average (CORRA-CAD) and Secured Overnight interest Rate (SOFR-USD) based products. Canada had 9.2 per cent of the global OTC derivatives market (measured by GNO) in June 2025.

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